Operating a home-based business allows entrepreneurs to be their own bosses while developing products and services that matter to them. While the idea of escaping the stress and competition of the traditional office setting is appealing, small business owners often struggle to mature their home-based businesses into more fruitful companies. Here are five tips for growing your home-based business while avoiding the rat race.
1. Start With One Product
Want to ensure that your home-based business is a success? Start with just one product or service. According to a recent Entrepreneur article, many new companies make the mistake of promoting too many products at the same time. By focusing on a single product, you can make sure your merchandise is truly top-of-the-line while establishing yourself as an expert in that particular industry. Being an expert at what you do is also a great way to enhance referrals, which can also save money on marketing and advertising costs.
2. Add Products That Relate to Your Current Brand
Once you’ve mastered a single product or service, you’re ready to expand your home-based business to include additional offerings. A good tip for growing an established business is to add products that complement your current inventory. Not only does adding similar products help you build a cohesive brand, but it also enables you to find new sales prospects within your existing market. For example, a successful business that specializes in website development may want to expand the company by offering social media management. In this way, businesses can take advantage of new sales opportunities among their existing clients to save money on marketing. Brainstorm similar products, and get started on growing your business.
3. Don’t Scrimp on the Website
Whether you operate your business at home or in an office, it’s essential to find customers to purchase your products or services. A professional-looking, user-friendly website is one of the best ways to market your inventory to interested parties. While you may be tempted to slap together a site on your own, it’s important that you keep ease of navigation and search engine optimization (SEO) in mind. Start by doing some research to make sure you’ve included words and phrases in your content that match popular keywords that potential customers use to search for offerings similar to yours. These steps, in addition to a steady stream of new and valuable content, should help boost your site’s search engine rankings. Remember, you want to make it as easy as possible for potential buyers to find and order your products.
4. Save Money by Employing Freelancers
Want to grow your home-based business while saving on salary costs? Consider utilizing freelance employees who work out of their own homes. When your employees work on a freelance basis, you can give them more or fewer hours based on the amount of business you have at a given time. Additionally, when employees work out of their homes, you can save on leasing costs and other office expenses. When hiring new workers, seek out those who have flexible schedules or desire part-time work. You don’t want to lose strong, well-trained employees because you can’t offer them a 40-hour workweek.
5. Utilize Creative Marketing Tactics
When attempting to grow your home-based company, it’s crucial that you don’t dedicate too large a percentage of the profits to marketing and advertising. Utilizing creative, low-cost marketing is essential for helping your small business mature. Instead of blowing your budget on costly newspaper ads and TV or radio spots, consider enhancing your audience by offering a few free services or inviting people to attend a complimentary class at your home. Just remember to bring plenty of copies of your business card to hand out afterward. Additionally, many Chambers of Commerce provide free advertising for small businesses that offer their services for free. Another good way to launch your affordable marketing campaign is to send out a monthly email newsletter to your mailing list, provided that you have built one. Along with letting current and potential clients know about the products you’re offering, you can alert people to upcoming sales and special events.
Successfully growing a home-based business requires more than just a great product or service. Entrepreneurs must also possess a savvy business sense in order to reach clients while avoiding potential pitfalls. Follow the above tips and tricks, and keep your home business growing.